Marvel beats street view; lifts forecast

RussBritt

LOS ANGELES (MarketWatch) -- Marvel Entertainment Inc.'s second-quarter income dipped, but the creator of "Spider-Man" and "X-Men" beat analyst estimates thanks to stronger-than-expected revenue, and increased its own forecasts for the full year.

Shares of Marvel
MVL, +2.20%
jumped on the news, climbing more than 7% in recent action.

Marvel reported net income of $16.3 million, or 19 cents a share on sales of $84.4 million for the period ended June 30. A year ago, the company's income was $25.8 million, or 24 cents a share, on sales of $88.1 million.

The company was expected to earn 11 cents a share, according a poll of analysts by Thomson First Call.

Marvel also raised its income forecast for the full year, projecting per-share earnings of 50 cents to 60 cents. Previously, the company said it expected earnings of 46 cents to 57 cents a share. The First Call estimate is for 54 cents a share.

The company reiterated its previous view on sales of $320 million to $350 million. The First Call estimate is for $341 million. Marvel said it expected higher income because of lower tax benefits.

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